Search - considered

It is also our view that the legal expenses may be considered personal expenses of a capital nature, and it is therefore questionable whether such costs would be considered eligible capital expenditures even if it can be found that a business did in fact commence. ...

Principal Issues: Whether janitorial staff who work 4 hours a week, 5 days a week, may be considered "full-time employees" for the purpose of the definition of "specified investment business" in subsection 125(7) Position: No. ... Gibbons, CGA (613) 957-2135 Attention: Scott Gray 2000-006189 Specified Investment Business- "Full-Time Employees" We are replying to your memorandum, which we received December 18, 2000, concerning the issue of whether janitorial staff who work 4 hours a week, 5 days a week, may be considered "full-time employees" for the purpose of the definition of "specified investment business" in subsection 125(7) of the Income Tax Act (the "Act"). ...

When considered separately, neither of the classes of shares represents significant influence ie: the financial institution does not have 10% of the votes and 10% of the fair market value of any one class of shares. However, when considered in total, the financial institution holds 30% of the voting and 99.99% of the fair market value. ...

Only where the recipient has clearly applied for the grant to acquire shares or a partnership interest in his or her parents' farm is the advance not considered taxable under paragraph 12(1)(x) of the Act.  ... As indicated in our earlier memorandum of November 19, 1990 regarding the Farm  Start Program, our position which is based on the statutory language of the Ontario Farm Start Order in Council (23) (23) as well as by 19(1) 19(1) All of the above points were set out in our previous memorandum in some detail and represent the Rulings Directorates considered opinion in this matter. 21(1)(b) E. ...

Also, we agree that the test for exemption under paragraph 149(1)(1) is one which must be considered annually. ... The provision of widows and death benefits would be considered a "life insurance business" within the meaning of that definition in subsection 248(1) of the Act. ...

Pursuant to your further request, our reasoning in adopting this position is as follows: It is our understanding that under U.S. income tax law all distributions of property from a U.S. corporation are considered to be dividends unless there exists certain prescribed conditions.  ... The gain on the redemption (due to foreign exchange fluctuations) is a capital gain for Canadian purposes and is therefore not "income from property" pursuant to subsection 9(3).However, the withholding tax was imposed on an amount which, pursuant to the provisions of the Internal Revenue Code, was considered to be a dividend.  ...

Facts 24(1) Issue      Can the second election filed be considered to be a valid election under subsection 85(1) that is filed in accordance with subsection 85(6), or is it to be considered to be an election that would be an amended election under subsection 85(7.1) if, in the opinion of the Minister, the circumstances of the case are such that it would be just and equitable to permit the election made under subsection 85(1) to be amended? ...

The first is that if it is the employee and not the employer who primarily benefits from the training, a taxable benefit to the employee under paragraph 6(1)(a) of the Income Tax Act (the Act) is considered to result. ... These comments represent the Department's opinion only and as such is not considered binding on Revenue Canada, Taxation. ...

A proper request entails the provision of all related documents for our review as well as an identification of all of the specific provisions of the Income Tax Act (the "Act") in respect of which the request is to be considered. ... As stated in fact 3 of your submission, under the terms of the agreement the employees may 24(1) Since it is the employee who may purchase the additional service, to the extent that the employer's payment is made on his behalf and will be cost, it will be considered have been made on his behalf and will be taxable to him as a taxable benefit under paragraph 6(1)(a) of the Income Tax Act (the "Act"). ...

An expense cannot be said to be incurred by a taxpayer who is under no obligation to pay money to anyone... an obligation to do something which may in the future entail the necessity of paying money is not an expense". 24(1) Even if the accrued vacation pay is considered an expense incurred paragraph 18(1)(e) prohibits a deduction for a contingent liability. ... Consequently it is our view that even if the accrued vacation pay could be considered an expense incurred it would for purposes of paragraph 18(1)(e) of the Act be a contingent liability. ...